Brookstone Capital Management Sells 35,104 Shares of Permian Resources Corporation $PR

Brookstone Capital Management trimmed its position in Permian Resources Corporation (NYSE:PR) by 25.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,987 shares of the company’s stock after selling 35,104 shares during the quarter. Brookstone Capital Management’s holdings in Permian Resources were worth $2,238,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after buying an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares during the period. State Street Corp lifted its holdings in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after acquiring an additional 460,158 shares in the last quarter. Finally, Boston Partners grew its stake in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Down 2.6%

Permian Resources stock opened at $18.68 on Thursday. The firm has a market capitalization of $15.64 billion, a PE ratio of 21.72 and a beta of 0.48. The company’s 50-day moving average is $19.98 and its 200-day moving average is $18.00. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the company posted $0.44 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.4%. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PR. Raymond James Financial dropped their target price on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, June 17th. Royal Bank Of Canada upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a report on Monday, May 25th. Finally, Mizuho boosted their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Permian Resources has a consensus rating of “Buy” and an average price target of $23.18.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is owned by insiders.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.